Lyft’s cofounders, CEO Logan Green and president John Zimmer, will step back from their day-to-day roles by mid-April, the company announced on Monday. David Risher, a former retail executive at Amazon, will assume the CEO position at the ridesharing company.
Green and Zimmer founded Lyft in 2012 and took the company public in 2019. Lyft shares have fallen more than 70% in the last year alone.
Risher joined Amazon in 1997 as its first vice president of product and store development. He was a top lieutenant of Amazon founder and executive chairman Jeff Bezos, and went on to serve as senior vice president of marketing and merchandising before exiting the company in 2002.